Coinbase Introduces Bitcoin Lending Services

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One of the largest cryptocurrency exchange platforms, Coinbase, has recently introduced a new edition to it catalogue of DeFi services with their latest announcement potentially being significant for Bitcoin (BTC) holders. According to Coinbase, all users that are eligible for the newly released feature will have the opportunity to borrow up to $1 million in Bitcoin investments. The new service is currently being piloted in the United States exclusively, allowing investors to borrow $1 million using Bitcoin as collateral for the loan. Borrowers will only be required to pay an 8% APR and will not be subjected to a credit check.

The cryptoasset exchange platform tweeted earlier today, announcing the BTC borrowing service. The tweet stirred up the crypto twitter, with many enthusiasts praising the new function. However, there was some speculators with a more sceptic outlook suggesting that the borrowing scheme would work against Bitcoin.

Nevertheless, altcoin enthusiasts are excited to have a function to support their investments into different cryptocurrencies. Users can pay back lenders in time while keeping their collateralised assets secure with the platform. Coinbase has raised the bar for the industry with many exchanges expected to follow suit with their own expansions. Coinbase is a well-known major platform in the crypto industry, buying and selling Bitcoin and other cryptoassets in over 100 countries, hosting over 68 million verified users.

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